Thriving businesses and more jobs

London’s economy has created 1.75 million jobs over the last 20 years. It has also attracted investment from businesses and drawn visitors from around the world. In 2020, London’s economy was worth £470 billion, almost a quarter of the UK total.

Despite that success, income inequality and living costs are high. Many Londoners are struggling on low pay.

Central London has driven much of London’s success, with more and higher paid jobs. On average jobs in London pay 20% more than in the UK.,  Jobs in the City of London pay on average £1,089 a week, compared to £596 per week in the borough with the lowest average,

There are also more than 600 high streets across London. These offer jobs, shops and other businesses, as well as places for communities to come together.

Across London, the pandemic and cost of living crisis has put businesses under pressure. Working from home has created both opportunities and challenges. This makes it hard to predict how London’s economy will change in the future.

What Londoners told us so far

City Hall’s Planning Team spent a day exploring the long-term challenges facing London’s economy with 40 Londoners representative of the city’s diversity. 

The group explored how the economy works in different parts of London and what businesses mean to the communities around them.

Here's a snapshot of what they said:

• ‘Mostly the big opportunities are around the central London area, outside of that the good opportunities are sparse…’
• ‘I imagine those who work in the good jobs in Central would be the types that have gone to university, probably have a mortgage…’
• ‘What we need is to build local communities through small businesses.  Making sure they have a chance to get on the high street and building’
• ‘The high street is like the main artery of the area you live and work in. It’s a hub for everyone in the area.’
• ‘Maintaining cultural heritage and protecting the communities and businesses but regenerating places is key. Is there a way to achieve both of these things?’

Join the conversation

Thinking about this challenge, how would you like to see London’s economy change over the next ten years? 

• Where in London would you like to see more new jobs? And why?
• What sort of jobs would you like to see more of in London?
• What does a successful local high street look like to you?
• How do you feel about developments that provide new shops, offices and other business space in your area?